Nick Heer at Pixel Envy:

For example, placeholder files are not automatically created for the entire OneDrive directory, only for files and folders I have opened. This means Spotlight cannot index those files and folders, which means I cannot fully search OneDrive on my Mac. It does not matter to me whether this is Microsoft’s fault or Apple’s. It matters that I am surprised — daily — by new roadblocks in my existing workflow caused by software updates and under-hood changes no user should have to think about.

The whole OneDrive change has been annoying, but this lack of “indexability” is the largest annoyance, because I rely on that for Alfred/Launchbar/Spotlight integrations.